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Each previous government subsidy program has had a history of mismanagement inefficiency backwards incentives and inflationary pressure. Reading this book is the best way you could ever dream up to learn economics.
It covers basic economics through the most advanced material.
. A primary theory in this vein is the debt deflation theory of Irving Fisher which he proposed to explain the Great Depression. The black swan theory or theory of black swan events is a metaphor that describes an event that comes as a surprise has a major effect and is often inappropriately rationalized after the fact with the benefit of hindsightThe term is based on an ancient saying that presumed black swans did not exist a saying that became reinterpreted to teach a different lesson after the first. Two Essays On Market Anarchy.
Liberty versus Power in Early America 16071849. A more recent complementary theory is the Financial Instability Hypothesis of Hyman Minsky and the credit theory of economic cycles is often associated with Post-Keynesian economics such as Steve Keen. Every attempt to study economics should include a thorough examination of this book.
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The origins of the federal student loan program are well documented and follow a similar trajectory to most government subsidy programs in American history.
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